Dissolution of Corporation

(1) Where the State Government is satisfied that the purposes for which the Corporation was established under this Act have been substantially achieved so as to render the continued existence of the Corporation in the opinion of the State Government unnecessary, it may, by notification, declare that the Corporation shall be dissolved with effect from such date as may be specified in the notification, and the Corporation shall be deemed to be dissolved accordingly. (2) From the said date— (a) all properties, funds and dues which are vested in, or realisable by, the Corporation shall vest in or be realisable by the State Government. (b) all liabilities which are enforceable against the Corporation shall be enforceable against the State Government.